Financial institutions such as banks offer a variety of products to meet the varying needs of their customers. For example, a financial institution may offer a diverse range of deposit accounts for consumer and business customers, such as savings accounts, checking accounts, certificates of deposit, money market accounts, and retirement accounts. Depending on the type of account, the financial institution may be required under various laws and regulations, such as the Truth in Savings Act (TISA) and Federal Reserve Regulation DD, to provide the customer with numerous and/or lengthy disclosure materials either before the account is opened (e.g., where the customer is present at a store location of the financial institution) or within 10 business days after the account is opened (e.g., where the customer is applying for an account via telephone). For example, such required disclosure materials may include a copy of the account agreement terms and conditions, including any balance requirements, transaction limitations, time requirements, early withdrawal penalties, and other related information. Additionally, the financial institution may be required to provide an account fee and information schedule, a privacy policy, a rate sheet for interest earning accounts, policies governing overdraft protection services, bill pay services, electronic or mobile banking, and any additional disclosures that may vary depending on the particular type of account. These disclosure materials may also be provided in multiple languages and include various addendums for updates to policies and changes in terms and conditions.
In addition to the many various types of information that may be required, disclosures under Regulation DD must be provided in writing. Accordingly, lending institutions may generate numerous printed pages of disclosure materials to be handed to customers opening an account in person, or mailed to customers opening an account via telephone, which can be both costly to the financial institution and inconvenient or cumbersome for the customer. Regulation DD disclosures may, however, be provided to the customer in an electronic format. For example, the Electronic Signatures in Global and National Commerce Act (E-Sign Act) permits financial institutions to satisfy the requirement under Regulation DD that disclosure materials be provided in writing by providing electronic disclosure materials. However, the financial institution may need to obtain the customer's affirmative consent prior to providing any disclosure materials in electronic format. Furthermore, before consent can be given, the financial institution may need to provide the customer with a statement of his or her rights and obligations with respect to electronic delivery. Additionally, the financial institution may need to establish an audit trail for the account such that delivery and consent regarding the disclosure documents may be demonstrated to a regulatory agency. Furthermore, the financial institution may need to validate contact information provided by the customer. Given the costs and complexities associated with disclosure delivery requirements, there is an ongoing need for improved electronic disclosure delivery systems and methods.